Stock Compensation Plans

3 Months Ended

Mar. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Compensation Plans

Stock Compensation Plans

Performance Based Awards

On March 9, 2015, the Company granted performance stock unit awards (“2015 Performance Awards”) to employees. The awards provide a target number of shares that vest equally over three years, with the first vesting occurring on February 23, 2016. In addition to meeting service conditions, the number of performance stock units to be received depends on the attainment of defined Company-wide performance goals for 2015 based on adjusted return on invested capital over a one year performance period. The number of performance stock units ultimately earned will range between zero to 200% of the target award.

A summary of performance based unvested stock unit activity at target is as follows:

(stock units in thousands)	Target Number of Units(a)	Weighted Average Fair Value
Unvested performance stock unit awards, at December 31, 2014	—	—
2015 Performance Awards granted	203	$	18.23
2015 Performance Awards forfeited	—	—
Unvested performance stock unit awards, at March 31, 2015	203	$	18.23

^(a) For the 2015 Performance Awards, participants in the aggregate can earn up to a maximum of 406 thousand performance stock units.

The Company expenses the grant date fair value of the awards which are probable of being earned over their performance period. Compensation cost on performance based awards was $0.3 million for the three months ended March 31, 2015. As of March 31, 2015, at target performance, $3.5 million of unrecognized compensation cost related to performance based awards is expected to be recognized over a weighted-average period of 2.9 years.